https://www.taxtmi.com/caselaws?id=199654 A secured creditor of a company in winding up retains the right to stand outside the winding up and enforce its security under Section 29 of the State Financial Corporations Act, 1951. Sections 529 and 529A of the Companies Act, 1956 create a pari passu charge in favour of workmen and give their dues overriding preferential status, but they do not extinguish the secured creditor's statutory right to sell the secured assets. The company court's role is to protect workmen's dues when that right is exercised, and permission to sell subject to payment of workmen's dues was held to be lawful. en-us Thu, 23 Jan 1992 00:00:00 +0530 Thu, 08 Mar 2018 18:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199654 A secured creditor of a company in winding up retains the right to stand outside the winding up and enforce its security under Section 29 of the State Financial Corporations Act, 1951. Sections 529 and 529A of the Companies Act, 1956 create a pari passu charge in favour of workmen and give their dues overriding preferential status, but they do not extinguish the secured creditor's statutory right to sell the secured assets. The company court's role is to protect workmen's dues when that right is exercised, and permission to sell subject to payment of workmen's dues was held to be lawful. Case-Laws Companies Law Thu, 23 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199654